Overview
Documents Required for Registering a Proprietorship Firm
Benefits of Sole Proprietorship Firm Registration
Merits of Sole Proprietorship | Demerits of Sole Proprietorship |
Easy to form and operate | Unlimited personal liability |
Complete control and decision-making power with the owner | Limited ability to raise capital |
Tax benefits as profits are taxed as personal income of the owner | Limited growth potential |
Flexibility to make changes in the business quickly | Difficulty in attracting and retaining talented employees |
Minimal regulatory compliance requirements | Limited ability to transfer ownership or sell the business |
You can check detailed pros and cons on Investopedia and Wikipedia